DRAM封裝測試廠商競爭力分析架構

Abstract

本研究旨在探討各項影響DRAM封裝/測試公司競爭優勢的關鍵因素。以個案研究的方式，對兩家台灣封測公司（甲和乙）進行比較，其中乙公司的股價遠高於甲公司。研究中有兩項重要發現：一，兩家公司在景氣好時皆有優異的營運表現，然而在不景氣時期，乙公司的績效卻遠勝於甲公司。此差異則主要肇因於甲公司在不景氣時期的產能利用率過低。二，乙公司得以在不景氣時期保有高產能利用率的原因在於其主要股東對DRAM封裝/測試的需求具有強大的影響力。也就是說，其主要股東不論位於DRAM供應鏈的上游或下游，皆能夠為乙公司帶來大量的訂單。由以上發現可知：第一，兩公司的營運效率相當，加強營運效率並無助於拉近不景氣時期競爭力的差距。甲公司若欲提高市場對其股票的評價，則必需對股東結構進行改變。第二，在現有的股東結構之下，甲公司的經營規模可能過大而無法維持盈利，此亦表示其早期的投資可能過於樂觀。

This study aims to examine the key factors that influence the competitive advantages of DRAM assembly/testing companies. We use a case-study approach by comparing two such companies (anonymously called companies A and B) in Taiwan, where company B is much higher than A in terms of their market value of per capital (i.e., market value per stocker-holders’ equity). We obtained two important findings. First, the two companies performs almost equally well in an economic booming period; while company B greatly outperforms A in a recession period. This difference is mainly due to the low capacity utilization of company A in recession periods. Second, the reason why company B could keep a high capacity utilization in recession periods is due to its main stock-holders’ powerful influence on the demand of DRAM assembly/testing. That is, its main stock-holders, either in its upper stream or down-stream of the DRAM supply chain, could ensure a substantial amount of orders for company B. These findings lead to two implications. First, the two companies are equally well in operational efficiency; that is, paying efforts to enhancing operational efficiency cannot help much. To get a better appraisal on its capital market value, company A may need to change its stock-holder’s structure. Second, under its existing stock-holder’s structure, the scale of company A may be too big to be consistently profitable; that is, its early investment might be too optimistic.